Floor & Décor’s Sales Rose But Earnings Inched Down in Q2
August 05, 2022 from Flor Focus FloorDaily News
Net income for Q2 2022 declined 1% to $82 million, compared to $83 million in Q2 2021.
The company opened nine new warehouse stores and closed one warehouse store during the second quarter of fiscal 2022, ending the quarter with 174 warehouse stores and five design studios.
For the first half of 2022, net sales increased 29.0% to $2,119 million from $1,643 million in the same period of fiscal 2021. Comparable store sales increased 11.7%.
Net income decreased 4% to $153 million compared to $159 million in the same period of fiscal 2021.
In addition, the company announced that Trevor Lang, Executive vice president and chief financial officer, will be promoted to the role of president. The company will conduct a search for a new chief financial officer, which will include internal and external candidates. Lang’s promotion will be effective upon the appointment of a new chief financial officer.
Lang joined Floor & Decor as senior vice president and chief financial officer in 2011 and was promoted to executive vice president of professional services and chief financial officer in 2014 in connection with his assuming responsibility for leading the company’s pro and commercial business. He previously served as chief financial officer of Zumiez and vice president of finance for Carter’s.